Newbie in CT taking a breather

[Rodney Lorenzo]

Hi folks, I have over 235K that I was looking to invest. I've read books, watched Youtube videos and listened to podcasts. I've grown my money by investing in the stock market two years ago so I don't mind taking risks. The problem is, that I've been unemployed now for 1.5 years due to the pandemic and have decided to go commercial because it's not so much a issue with these properties as the smaller 4 units or less are. I've had two deals go South because one lender changed the terms as we went into contract and upped the down payment from 25% to 34%, wiping out any cash reserves needed. Another was a 3 family in Norwalk, CT at the top end of my budget, and I was startled when the current rent roll led to a low DSCR, disqualifying me from the deal. One deal was rejected in Stamford, CT simply because the seller didn't know who my lender was and didn't want to take chances with a newbie.

I don't mind starting out with a 5+ property as my first deal, but it seems I haven't gotten anywhere because of the interest rates being offered and me getting very little cash flow. I might have to depend on the cash flow as my only source of income. Plus, this market isn't helping either. I've dealt with lazy real estate agents (I get financials from the listing agent quicker than they do) and brokers not shy of tackling on loan fees. Should I just accept the lousy terms that they offer or just wait for this market to cool off a bit? I'm eager to make an acquisition!! I'm thinking of waiting for the winter. Less competition maybe?